“I would not use the words ‘crisis’ and ‘India’ in the same breath, other than in this sentence,” Reserve Bank of India Governor Raghuram Rajan told journalists during his first press conference on Wednesday.
Clearly, the markets are listening — and absorbing — the new Governor’s confidence. The rupee on Friday staged its strongest recovery in two weeks, gaining 1.2 per cent to close at Rs 65.24/25 to the dollar, on top of the 1.6-per cent gain notched up on Thursday. The ‘Rajan effect’ was at work in the equity market too. The BSE Sensex climbed back past the 19,000-point mark on Friday, up 1.53 per cent, or 290.30 points. This was its third consecutive gaining session, and Friday’s close of 19,270.06 points, its highest since August 14.
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